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USDA's July WASDE put 2018-19 world ending corn stocks at 151.96 million tonnes, the lowest stocks-to-use ratio since 1995-96. December corn nonetheless fell about 17% from its high of seven weeks earlier and traded near $3.56.
Tight projected world stocks argue for higher prices, but weak futures show the market is discounting that tightness, so the bullish fundamentals have not yet translated into price gains.
dtnpf.comTodd HultmanJul 13, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Commentary dated July 13 describes December corn falling sharply to about $3.56 despite tight world stocks, which is consistent with the weekly decline driven by good crop prospects and weak sentiment.
